POSTED: Tuesday, June 10, 2014 - 5:00am
UPDATED: Tuesday, June 10, 2014 - 5:14am
Oil companies say: “Production has grown dramatically,”
Houston — The Houston Chronicle is reporting; two weeks after government officials all but demolished California’s shale-oil reserve estimate, Houston oil analysts offered a more optimistic view of plays in Texas and North Dakota.
Oil producers eventually could drain 21 billion barrels of crude out of the Bakken Shale in North Dakota — nearly three times the government’s estimate of recoverable reserves in the region, Wood Mackenzie analyst Jonathan Garrett said during a media briefing by the energy research firm this week in Houston.
Another analyst, Cody Rice, presented Wood Mackenzie’s assessment of the Eagle Ford Shale in South Texas, where it projects this year’s drilling expenditures will be $27 billion — $4 billion higher than estimated previously.